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Whole Life for Whole Wealth

A versatile financial tool for high-net-worth individuals

Financial success can bring greater opportunities — but it doesn’t necessarily translate into financial confidence. Whole Life for Whole Wealth reveals how high-net-worth Americans are using whole life insurance to help navigate market uncertainty, prepare for retirement, and create a lasting legacy.

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Four in 10 high-net-worth individuals say the economy, cost of living, or inflation is their highest source of stress.

Understanding financial wellness among high‑net‑worth individuals

We often equate financial success with greater well‑being, but that isn’t always the case. For high-net-worth (HNW) individuals (surveyed participants with $2 million or more in investible assets), top stressors include the economy/cost of living, work responsibilities, the political climate, and money, similar to people with less than $2 million in investible assets. They also face challenges such as complex and uneven income, greater exposure to market volatility, higher tax burdens, and fewer straightforward planning options. 

All of this creates a less-than-picture-perfect reality when it comes to overall well-being, including financial wellness. That strain is often driven by how difficult finances can feel to manage.

  • 22%

    of HNW individuals have experienced increased anxiety, depression, or other mental health needs in the past two years.

  • 21%

    of HNW individuals list physical health on their list of top stressors.

Many confront uncertainty alone or avoid it entirely, leaving them without clear direction in an increasingly complex environment. This lack of clarity can influence behavior, causing high-net-worth individuals to hold onto assets rather than using their wealth to support their lifestyle or long‑term goals.

  • Nearly 39%

    of HNW individuals avoid dealing with their finances altogether because it feels overwhelming.

  • Only 25%

    rely on a financial advisor for guidance on market volatility.

Too often, people view life insurance as a cost rather than a source of value. At its core, it’s a way to protect a family’s future and create confidence in an uncertain world.

— Andy Gordon

Head of Life Insurance, Guardian

Whole life is a reliable foundation for high-net-worth financial planning

High-net-worth individuals face inherently complex and dynamic financial planning goals. Their income streams, ranging from bonuses and equity compensation to business revenue and commissions, are often variable, making cash flow less predictable and harder to align with long-term objectives. At the same time, managing multiple accounts, investment strategies, and advisors can make it difficult to maintain a clear, cohesive view of their overall financial picture or to ensure consistency as their lives and goals evolve.

Sixty-seven percent of affluent investors work with multiple financial advisors or institutions, making it harder to coordinate and monitor their overall financial strategy.¹

With much of their wealth tied to investments, businesses, or employer stock, downturns can disrupt plans, especially when liquidity is needed at the wrong time. They also often worry about the complexity of their estate and the burden it puts on their heirs.

Incorporating whole life insurance into a broader financial strategy can help balance protection and growth. The simplicity and reliability of whole life insurance ensure their family has fast access to cash while other complex assets are being settled. Instead of juggling separate tools for protection, savings, liquidity, and estate planning, whole life policy can support income needs, tax efficiency, and long‑term planning, making it easier to see how everything fits together and ensuring different parts of a financial strategy work more cohesively over time.

With guaranteed premiums and predictable benefits, whole life insurance creates a stable foundation that can be relied on as markets, income, and life priorities change, reducing the need for constant adjustments.

“The cash value in a whole life policy lends itself to being a volatility buffer. It’s a source of income or capital during bad market days.” — Ashvin Chheda, Financial Advisor, Guardian

  • 93%

    of whole life insurance owners are investing in other financial products including trusts, private equity, and hedge funds among others.

  • 30%

    purchased whole life to protect against market volatility with guaranteed values.

Between market ups and downs, ongoing inflation and unexpected life events, increased debt and taxes, even high-net-worth individuals can feel uncertain about how secure their financial plans really are. As interest rates fluctuate and geopolitical tensions create unpredictable market behavior, they are noticing traditional investments swing dramatically.

They share the same concerns as the rest of us: 41% of HNW individuals said their highest stress comes from economy/cost of living/inflation.

Whole life’s fixed premiums and cash value growth offer stability amidst market volatility, providing a stable element that can help balance more volatile assets within a broader financial strategy.

With a large portion of wealth tied up in equities, real estate, or business assets, the ability to forecast and control expenses becomes vital especially during retirement planning or business transitions. When premiums are locked in, forecasting, debt management, and investment planning become more streamlined. And that leads to more confidence when launching a business, investing in real estate, or scaling operations.

  • 60%

    of those who own a whole life insurance policy don’t panic when their investments hit a bad patch.

  • 25%

    of HNW individuals say that global conflict/instability causes them the most stress.

60% of people earning over $300,000 report carrying credit card debt.²

At the same time, income often arrives irregularly through bonuses, stock awards, or business distributions, creating gaps between when money is earned and when it’s needed.

A whole life policy builds cash value that grows tax‑deferred and can be accessed through policy loans, providing a dependable, accessible source of liquidity without disrupting other long-term investments.

Whole life insurance is a flexible cash resource, not just protection for loved ones after a death. Policyholders we surveyed use it for a variety of reasons, during working years and in retirement:

  • 25%

    for funds in retirement.

  • 25%

    for a home purchase.

  • 25%

    for emergencies.

  • 21%

    for family building.

Confidence in retirement spending shifts the focus to living, not worrying

High-net-worth individuals often hold a significant share of their wealth in long-term, growth-oriented assets — such as equities, private investments, or real estate — that are designed to appreciate over time rather than be readily spent. While this strategy effectively builds wealth, it can also create a psychological barrier to spending down or reallocating those assets, even when doing so would support lifestyle needs or personal goals. That hesitation often shows up as retirement anxiety and the fear of spending instead of saving.

Of high-net worth individuals:

  • 47%

    worry their savings won’t last as long as they need them to.

  • 20%

    regret not starting sooner to save for retirement.

Whole life insurance provides a stable foundation, helping to ensure that a dependable source of cash and a means of wealth transfer for one’s legacy are always available if needed.

Whole life’s stability makes it easier to draw from retirement accounts, reinvest taxable assets, or spend down savings without fear of running short later.

This confidence can also support better decision‑making, whether that’s spending more comfortably in retirement, holding onto investments through market volatility, or funding opportunities without second‑guessing timing.

What are HNW individuals looking forward to in retirement?

  • 51%

    traveling and exploring new places in retirement.

  • 46%

    spending more time with family and friends.

Only 21% of HNW individuals prioritize tax planning.

A valuable tool for today, in retirement and beyond

For high-net-worth individuals navigating complex income, market exposure, and long‑term responsibilities, whole life insurance can be a valuable tool that supports goals today, provides flexibility in retirement, and strengthens their legacy.

  • Today: Stability in your working years

    • Fixed, predictable premiums unaffected by markets, inflation, or health.

    • Tax‑deferred cash value growth alongside higher‑risk assets.

    • Access to liquidity without selling investments or triggering taxes.

  • Tomorrow: Confidence to spend in retirement

    • Tax-advantaged cash value to supplement income.

    • Less reliance on market withdrawals during downturns.

    • Flexibility for health care, family support, or major expenses.

  • Beyond: Protect and transfer wealth

    • Income‑tax‑free death benefit for beneficiaries.

    • Liquidity source to cover estate taxes or expenses.

    • Greater legacy control, especially when paired with trusts.

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  1. Leo Almazora, For most of America’s wealthiest, one advisor isn’t enough, Investment News, August 23, 2024

  2. Charlotte Morabito, 'HENRYs': Why high-earning Americans do not feel rich, CNBC, July 26, 2025

This material is intended for general public use. By providing this content, The Guardian Life Insurance Company of America, and their affiliates and subsidiaries are not undertaking to provide advice or recommendations for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact a financial representative for guidance and information that is specific to your individual situation.

Some whole life policies do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.

All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims-paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

“Financial advisor”/“advisor” is used generally to describe insurance/annuity and investment sales and advisory professionals who may hold varied licensing as insurance agents, registered representatives of broker-dealers, and investment advisory representatives (IAR) of registered investment advisors, respectively. Only those representatives who use advisor in their title or otherwise disclose their status and meet the necessary licensing or registration requirements provide investment advisory services.

The Guardian Life Insurance Company of America (Guardian), New York, New York. GUARDIAN® is a registered trademark of The Guardian Life Insurance Company of America. © Copyright 2026, The Guardian Life Insurance Company of America.